Followers
Tuesday, January 21, 2014
Homeowner’s Guide to Elevation Certificates
An Elevation Certificate is an important tool that
documents your building’s elevation. If you live in a
high-risk flood zone, you should provide an Elevation
Certificate to your insurance agent to obtain flood
insurance and ensure that your premium accurately
reflects your risk. Obtaining an Elevation Certificate
also can help you make decisions about rebuilding and
mitigation after a disaster.
Comparing Your Building’s Elevation
to a Potential Flood Level
• Your insurance agent will use the Elevation
Certificate to compare your building’s elevation
to the Base Flood Elevation (BFE).
• The base flood is a flood with a 1 percent chance
of occurring in any given year. The BFE identifies
how high the water is likely to rise (also called water
surface elevation) in a base flood. The land area of
the base flood is called the Special Flood Hazard
Area, floodplain, or high-risk zone.
• Flood insurance rates in a high-risk zone (a zone
beginning with the letter A or V) are based on a
building’s elevation above, at, or below the BFE.
Elevation and Flood Insurance Rates
• Generally, in high-risk zones, the higher above the
BFE a building is located, the lower the insurance
premium will be for that property. The Elevation
Certificate provides the documentation necessary to
make that determination.
• In moderate- to low-risk zones (zones beginning
with letters B, C, or X), rates are not based on
elevation, so an Elevation Certificate may not be
necessary to determine the premium.
If you need more information, contact me at:
www.es-insurance.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment